AN ACT relating to campaign finance.
Amend KRS 121.120 to exempt audits for candidates and slates of candidates that receive or spend less than the threshhold amount; allow Registry of Election Finance to develop system that provides for submission of reports on-line or electronically with security procedures; amend KRS 121.150 to allow acceptance of contributions after date of primary or election to retire debts and to provide period to refund prohibited funds; amend KRS 121.180 to increase campaign finance reporting exemptions; amend to remove certain media from reporting certain contributions; amend supplemental reporting dates, and allow permissive electronic reporting; create a new section of KRS Chapter 121 to allow credit card, debit card, electronic transfer, and other electronic transactions for campaign purposes, and require the registry to adopt reporting forms and promulgate administrative regulations to implement; create a new section of KRS Chapter 121 to require the registry to promulgate administrative regulations to allow minor reporting discrepancies to not require an amended report until the next regularly scheduled reporting date.

SCS - Replace original provisions; reorganize and create new definitions for KRS Chapter 121; exempt accounts that are less than $5,000 from audit requirements; require electronic filing for statewide candidates that raise or have a balance greater than $25,000; allow reports to be filed on-line or by delivery of disk; require advisory opinions to be issued by general counsel of registry within 20 days of request; authorize registry to impose civil penalty for frivolous complaints; permit the use of electronic transactions for contributions, expenditures, disbursements, and receipts; delete certain prohibitions on candidate loans; permit post primary or election loans to retire outstanding debts; provide 30-day period to return prohibited contributions without penalty; permit acceptance of contributions for regular election prior to primary; allow married couples to make one check contribution for combined individual limits; require contributions to be deposited within 10 business days; specify dates for record maintenance requirements; require contributions to be made or received only by certain persons; delete distinction between out-of-state and in-state permanent committees; require all permanent committees to disclose affiliation with other permanent committees; require registry to establish standards to allow filer to wait until next required report to correct minor discrepancy; increase tiered $3,000 / $1,000 filing threshold to $5,000; change reporting schedule to require all filers to file 30 and 15 days before primary, statewide candidates to file 60 days before primary, and all filers to file 60, 30, and 15 days before regular election; change final / supplement report date to December 31; allow electronic filing for all filers except statewide candidates with $25,000 or more; permit electronic filers to forego filing duplicate paper copy; delete filing requirement for advertisers receiving funds to advertise for slates of candidates for Governor and Lieutenant Governor; require primary and regular election funds to be segregated; delete financial disclosure requirement for newspaper, radio, and television employees; repeal KRS 121.015; delay effective date until November 3, 2010.